President Donald Trump said he would soon tell Congress of plans to terminate the existing North American Free Trade Agreement, a move that would give lawmakers a six-month window to ratify a new regional trade pact.

Beef producing countries like Australia, Canada, New Zealand and Mexico are gaining greater access into Japan thanks to lowered tariffs, giving those exporters a significant advantage over U.S. beef producers.

The U.S. is the biggest market for Mexican beef exports, accounting for 89% of that country's total exports in 2017. Mexico is also a major market for U.S. beef exports, taking 14.7% of total U.S. beef exports in 2017